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Exclusive: U.K.-based AccessPay raises $16M Series C

Mar 20, 2024
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Illustration: Natalie Peeples/Axios

AccessPay, which pitches itself as a payments-focused Plaid for mid-size businesses, raised a $16 million Series C, the company tells Axios exclusively.

Why it matters: In the post-zirp world, fintech funding has flowed predominantly to fintechs selling to businesses rather than consumer-facing companies.

Driving the news: The U.K.-based company, which crossed $10 million in ARR last year, also raised $8 million in debt funding.

  • True Ventures led the round, with participation from Praetura Ventures, NatWest, Mastercard, Route 66 Ventures and Beringea.

How it works: Using APIs — the same technology that underlies Plaid —  AccessPay allows customers to link their back ends directly to their banks.

  • Used by organizations including Amnesty International and Sainsbury's Bank, customers can automate payments directly from their systems, reconcile data into their preferred software, or power their own B2B products on top of AccessPay.
  • Customers, most of whom are in the U.K., can use a single AccessPay platform to see various accounts and check overall financial health.

What they're saying: "There's a much higher level of security and control around the types of [payments] data that need to be supported for larger organizations," CEO Anish Kapoor says.

  • Financial institutions worldwide have been migrating to a new messaging standard — ISO 20022 — which will allow for real-time payments.
  • "The common theme here is that there's much richer data being sent across the payment rails for things like enhanced financial crime monitoring, screening and compliance purposes," he says.

Context: Plaid, which is largely focused on cases where a consumer initiates the data transfer (for example Chime), has expanded into cases where businesses initiate.

  • Etsy, for instance, uses Plaid to pay its small-business customers.

What's next: AccessPay plans to expand aggressively in the U.S with the new capital.

  • It will continue to focus on mid-size businesses, those with about $20 million to $1 billion in annual revenue.

Editor's note: This story, headline and URL have been corrected to note AccessPay raised $16 million, not $14 million, in its Series C.

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